Wheat futures jump on growing uncertainty over Black Sea grain deal
Apr. 17, 2023 5:25 PM ET
Teucrium Wheat ETF (WEAT) SO, C, DBA, MOO, CO, CORN, SOYB, C_1:COM, S_1:COM, W_1:COM, S
By: Carl Surran, SA News Editor
 FluxFactory/E+ via Getty Images
Wheat futures on the Chicago Board of Trade jumped nearly 2% Monday, as negative comments from Russian officials about the Black Sea grain export agreement caused traders to add a risk premium.
Ukraine's government said the deal allowing the safe export of grain from some Ukrainian Black Sea ports was in danger of being shut down after Russia again blocked inspections of ships in Turkish waters.
Chicago wheat ( W_1:COM) for May delivery settled +1.9% to $6.95 1/4 per bushel, while May corn ( C_1:COM) closed +1.5% to $6.76 1/4 per bushel and May soybeans ( S_1:COM) finished +1% at $15.16 per bushel.
ETFs: (NYSEARCA: WEAT), ( CORN), ( SOYB), ( DBA), ( MOO)
Russian officials have threatened to pull out of the deal after May 18 unless the agreement is revised to help Russian grain and fertilizer exports.
Grains also got a boost thanks to cold temperatures that descended onto the U.S. Corn Belt over the weekend.
Also contributing to volatility in the grain markets, Poland and Hungary have banned imports of grain from Ukraine as well as its transit through their countries. |
